Total consumer debt increased by PLN 1,8 billion in September and now stands at PLN 157,7 billion. Consumer loans increased by PLN 1,0 billion in the same period, and since October last year they have increased by PLN 5,8 billion.
On October 1, total consumer debt in Norway was NOK 157,7 billion, an increase of NOK 1,8 billion (1,2%). Credit card usage increased by 0,7 billion (1,0%). Credit card debt that is not due (interest-free) has not changed compared to the previous month and amounts to NOK 28,0 billion. Interest-bearing credit card debt increased by NOK 0,5 billion (1,2%). Consumer loans increased by NOK 1,0 billion (1,2%).
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– The increase in interest-bearing credit card debt may be due to some people choosing to pay it off later so they can also pay other bills. This, combined with a marked increase in consumer credit, indicates that some people no longer have any savings to fall back on and are therefore having to take out loans to cover various expenses, says Norwegian Debt Information CEO Svein Ove Karstensen.
Consumer loans and credit card debt that are not repaid on time are interest-bearing consumer debt. Total interest-bearing debt increased by NOK 1,5 billion (1,2%) due to an increase in both consumer loans and interest-bearing credit card debt.
Consumer debt for the last 12 months
Over the last 12 months, consumer debt has increased by 7,4 billion (4,9%). Consumer loans increased by 5,8 billion (7,1%) and credit card debt increased by 1,5 billion (2,2%). Payment cards have not changed compared to the same period last year.
– On the positive side, interest-bearing credit card debt has declined over the last twelve months, but the large increase in consumer lending is a concern. The growth in consumer loans is almost twice as great as the decline in interest-bearing credit card debt. It's important for people to have good control over their finances so they don't have problems with repayments later, says Karstensen.
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Prices are rising and many people in debt feel it more now. Increased costs mean more and more people are struggling to stick to their budget. A large increase in the main interest rate translated into an increase in loan installments. Those who took out large loans in recent years felt it the most - their installments have gone up significantly.
Many people are willing to give up insurance to save money for current expenses. In such a situation, the best solution is to talk to an advisor.
Although according to the latest data from Statistics Norway - unemployment in Norway remains stable and in August this figure was 3,5 percent, many people are concerned about their workplace. This, of course, involves loss of income, which may prove to be a disaster for their finances.
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Consumer debt data source: Norsk Gjeldsinformasjon AS
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